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Debt Obligations
3 Months Ended
Mar. 31, 2013
Debt Disclosure [Abstract]  
Debt Obligations
DEBT OBLIGATIONS:

Based on the estimated borrowing rates currently available to the Company and its subsidiaries for loans with similar terms and average maturities, the aggregate fair value of the Company’s consolidated debt obligations at March 31, 2013 and December 31, 2012 was $3.43 billion and $3.39 billion, respectively.  As of March 31, 2013 and December 31, 2012, the aggregate carrying amount of the Company’s consolidated debt obligations was $3.30 billion and $3.28 billion, respectively.  The fair value of the Company’s consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities.

Credit Facilities. The Eighth Amended and Restated Revolving Credit Agreement (the “Southern Union Credit Facility”) provides for borrowings of up to $700 million and expires in May 2016.  Borrowings under the Southern Union Credit Facility are available for working capital, other general company purposes and letter of credit requirements.  The interest rate and commitment fee under the Southern Union Credit Facility are calculated using a pricing grid, which is based on the credit ratings for Southern Union's senior unsecured notes.  The annualized interest rate for the Southern Union Credit Facility was 1.83% as of March 31, 2013.

As of March 31, 2013 and December 31, 2012, the Company had $240 million and $210 million, respectively, outstanding under the Southern Union Credit Facility.

In connection with the SUGS Contribution, borrowings under the Southern Union Credit Facility were repaid and the facility terminated. 
Panhandle Term Loans. The effective interest rate for the $455 million LNG Holdings term loan due February 2015 was 1.83% as of March 31, 2013.
Covenants Related to Our Credit Agreements. We were in compliance with all requirements, tests, limitations, and covenants related to our credit agreements as of March 31, 2013.